Friday, August 17, 2007

Already in the midst of a housing crisis, thousands of Angelenos are now facing the possibility of losing their home to foreclosure due to the ongoing collapse of the sub-prime market. Though many people feel that this is a burden that they must face alone, the ripples started in the mortgage lending industry have now affected all sectors of the economy, and as a result, what may feel like a private defeat has become part of a public crisis.

In response to the growing number of people at risk of losing their home, the city council has allocated $100,000 towards financial literacy programs that can provide assistance to the most vulnerable populations. The Housing Department is going to issue a request for proposals, and we'll soon hear from contractors who can reach people at risk and give them the help they need.